Whales Flip Long on Bitcoin While Retail Remains Sidelined; A Bullish Sign?

Bitcoin has been flashing signs of strength today as it rebounds from an intense selloff seen yesterday. Its reaction to this…

Bitcoin has been flashing signs of strength today as it rebounds from an intense selloff seen yesterday.

Its reaction to this dip proves that this is a firm bull market, as each bout of selling pressure is met with serious buy-side pressure that slows its descent and helps lead it to see further upside.

Where the market trends in the mid-term will depend largely on whether or not bulls can continue stopping the crypto from seeing any sustained downtrends.

If bulls hold $15,000 and establish some strong support at this level, it could open the gates for the benchmark cryptocurrency to see significantly further gains in the mid-term. These gains could lead it up to fresh all-time highs.

Because BTC only remains down marginally from its 2017 highs and has yet to post any “blow-off top,” there’s a strong chance that bulls will target this level.

If broken above, it could send Bitcoin into a full-blown price discovery phase that allows it to set higher highs.

One trader is now noting that while retail traders remain neutral or short on BTC, whales are widely flipping long. To him, this is an indication that further upside is imminent.

Bitcoin Posts a $1,000+ Rebound from Yesterday’s Lows 

Yesterday, bears sparked a sharp downside movement that sent Bitcoin plunging to lows of $14,400.

These lows were met with immense buying pressure that allowed it to revert above $15,000 quickly. From this point, its price has climbed higher and is now aiming for a test of its $16,000 resistance.

If BTC closes its weekly candle today around its current price – or better yet, above $16,000 – it could be an incredibly positive sign for what’s to come next.

Whales Flip Long on BTC as Momentum Builds

Following the rebound from $14,400, while retail traders remain wary of Bitcoin’s strength, so-called “whales” are all flipping long.

One analyst spoke about this trend in a recent tweet, concluding that it is an indication that further upside is imminent in the near-term.

“Here we are… But whales are going long again and retail is not. So I think this keeps going.”

Image Courtesy of Byzantine General. Source: BTCUSD on TradingView.

If these large investors remain long on Bitcoin while retail traders provide fuel via short positions, there’s a strong possibility that further upside is imminent.

Featured image from Unsplash.
Charts from TradingView.

Why Growing Legitimacy Will Help to Sustain The Next Bitcoin Bull Run

Bitcoin’s incredible performance over the past four weeks sees it reach just shy of $16k. While the market has since regrouped…

Bitcoin’s incredible performance over the past four weeks sees it reach just shy of $16k. While the market has since regrouped for a breather, the show of strength from the number one cryptocurrency has many wondering if we are on the cusp of a major bull run.

Source: BTCUSDT on TradingView.com

The last time this happened, coming on to three years ago, it caught most by surprise. In just 33 days, Bitcoin jumped from $5.5k to $20k.

That alone was primarily responsible for changing the narrative surrounding Bitcoin as “magical internet money.” From that point onwards, people were forced to consider it a serious contender in finance.

As game-changing as that was, what followed in the brutal crypto winter was just as meaningful. But for all of the wrong reasons.

The crypto winter eventually bottomed when Bitcoin had sunk to $3k, a year after its historical all-time high. By this time, the only ones left were the believers in what crypto was trying to achieve.

Nonetheless, history shows that the last mania phase was brief and a long and drawn-out bear cycle followed.

And with the FOMO starting to rear its head once again, attention is turning towards Bitcoin price targets. Can Bitcoin can exceed its all-time high? And if so, by how much?

Just as important as that is whether the incoming bull phase will have the legs to print a sustained run.

To do so would herald another, more significant, narrative change about the crypto industry.

Will The Bitcoin Bull Run Different This Time Around?

Bitcoin’s recent performance is in spite of the deteriorating macro picture. It seems like U.S. election drama, fears of economic collapse, and the on-going panic situation are powerless to bring it down.

Some would argue Bitcoin was designed with such conditions in mind. However, such confidence was not as forthcoming during Black Thursday, or indeed throughout crypto winter.

All the same, with Bitcoin seemingly on a tear at the present time, talk of a sustained golden bull run is doing the rounds.

It’s impossible to know if that will be the case this time. But in defense of that view, it should be noted that things are much better now compared to 2017.

The 2017 bull run was largely the result of speculation, and few institutions were on the scene at that time. Now, the fundamentals and infrastructure are as strong as they have ever been.

And with the nod of approval from the likes of MicroStrategy, Grayscale, and PayPal, to name but a few, it looks as though the stars are lining up for Bitcoin to fulfill Nakamoto’s vision.

The coming months will reveal whether a maturing market, as well as the added legitimacy that institutional money brings, have what it takes to launch a sustained bull run.

With all of these factors converging, only a fool would bet against Bitcoin.

Ethereum is Defying a 3 Year Market Structure; Claims Early Investor

Ethereum is currently expressing some immense signs of strength as the cryptocurrency rallies higher while Bitcoin drifts lower. This is the…

Ethereum is currently expressing some immense signs of strength as the cryptocurrency rallies higher while Bitcoin drifts lower.

This is the first time in weeks that the cryptocurrency has risen while Bitcoin’s price drifts lower. DeFi blue chips have also been rallying higher.

The DeFi sector has been one of the biggest beneficiaries of Ethereum’s immense strength throughout the past day, with many posting V-shaped recoveries that appear to mark their recent lows as a long-term bottom.

If these tokens continue rallying higher and mark their recent lows as a long-term bottom, there’s a strong possibility that yield farming and trading volumes on decentralized exchanges will begin rising once again.

This will greatly benefit ETH, driving transaction volume, fees, and further network utility to the blockchain.

One well-known Ethereum whale – with a supposed average entry of below $2.00 per ETH – is now noting that the cryptocurrency is defying “3-years of market structure” with this latest push higher.

He notes that any pullbacks in the near-term are unlikely to last long and will likely be followed by immense upside.

Ethereum Holds Above $450 as Bulls Eye Upside 

At the time of writing, Ethereum is trading down just under 2% at its current price of $450. Bulls have been ardently trying to defend this price region throughout the past few hours.

This level was previously resistance, but it could soon transform into support if bulls continue holding it above here throughout the day.

If flipped into a strong support level, this price could provide bulls with a great base to grow upon.

The next key level to watch will be $500, as a rejection or break above this level will be significant and set the tone for where the market will trend in the months ahead.

Early ETH Investor: Upside is Likely Imminent for the Token

One early Ethereum investor who goes by the pseudonym “Tetranode” explained in a recent tweet that the cryptocurrency is currently defying a multi-year bearish market structure – indicating that serious upside could be imminent.

“Still on track, the cup formed and now I expect a handle. If there is a pullback as we hit the 460-480 range, it’s probably not going to last very long. Defying 3-years of market structure is an exercise in futility.”

Image Courtesy of Tetranode.

The coming few days should provide insight into Ethereum’s mid-term outlook, as a sustained bout of trading above $450 will likely provide it with some serious momentum.

Featured image from Unsplash.
Pricing data from TradingView.

Here’s How Bitcoin’s Uptrend Will Likely Translate into the Next “Altseason”

Altcoins have been rocketing higher today as Bitcoin consolidates. This is the first time that altcoins have shown any signs of…

Altcoins have been rocketing higher today as Bitcoin consolidates. This is the first time that altcoins have shown any signs of following in Bitcoin’s footsteps, as the benchmark cryptocurrency has been sucking all the oxygen out of the market over the past few days.

Today’s altcoin market rally was likely spurred by Ethereum catching an impulse wave that sent it rocketing higher.

Following a prolonged period of sideways trading, ETH was finally able to gain momentum a couple of days ago when news regarding the imminent release of the 2.0 network upgrade broke.

This news sent its price from $380 to $410, where it stalled and consolidated for a day or so before gaining any momentum. Meanwhile, Bitcoin rocketed to fresh post-2017 highs of $16,000.

Now that Ethereum has gained some ground against BTC following its intense surge to $450 overnight, altcoins are beginning to show signs of forming bottoms.

One trader is now laying out how he expects the next so-called “altseason” to unfold, stating that there will likely be one quick rally by BTC that creates a “blow-off top,” with profits then spilling into the altcoin market.

Bitcoin Shows Signs of Strength as Altcoins Rally 

Bitcoin is currently stable at its current price of $15,400. This is where it has been trading throughout the past day, with buyers unable to push it above $16,000 yesterday.

The benchmark crypto is up significantly from its recent lows of $13,300 set just a few days ago.

This uptrend is being driven by fundamental strength, and the rest of the market is beginning to match its strength.

Altcoins – and the DeFi sector in particular – are rebounding and moving to mark their recent lows as a long-term bottom.

Here’s the Path Forward for Altcoins to See Further Gains

One analyst explained in a recent tweet that he is expecting Bitcoin to see one more strong push higher before posting a “blow-off top.”

He contends that this will open the gates for altcoins to see some explosive momentum.

“Ratio’s are going up (into bearish territory), but it’s nothing extreme yet. So, I think the following is likely… A scenario just like in July/August. One cool off day (today), then one final quick rally which creates a blow off top. After that, most likely alt season.”

Image Courtesy of Byzantine General. Source: TradingView.

If altcoins begin forming a long-term bottom, the DeFi sector may be the first to rally due to the intensity of the recent selloff it faced.

Featured image from Unsplash.
Charts from TradingView.

XRP Just Tapped a Pivotal Level; Could It Soon Reverse Its Underperformance?

The altcoin market has seen such a strong rebound today that even XRP has posted some gains. Despite seeing a slight…

The altcoin market has seen such a strong rebound today that even XRP has posted some gains.

Despite seeing a slight climb today, the cryptocurrency remains trapped within the range it has been caught within throughout the past few months and years, with buyers unable to surmount the lower-$0.30 region despite the strength across the aggregated market.

There are a few reasons for this weakness, including the lack of utility garnered by the token, the relentless selloff from its 2017 highs, and the waning enthusiasm surrounding it.

The previously robust “XRP Army” that were loyally backing the token have all moved on as it sees severe underperformance of Bitcoin and other altcoins.

Where it trends next will likely depend mostly on the aggregated altcoin market, but its lack of a correlation with either Ethereum or Bitcoin may continue plaguing its price action.

One analyst is noting that there are some signs that the cryptocurrency is reaching a pivotal level against BTC that could shift its trend back into buyers’ favor.

XRP Swings Higher Amidst Market-Wide Upsurge

At the time of writing, XRP is trading up just over 5% at its current price of $0.25. This is around the price at which it has been trading throughout the past few years, with buyers unable to break out of the $0.20 region.

Today’s upswing is slightly positive for the embattled token’s holders. Still, until it can break above the $0.30 region, there’s only a slight chance that it will see any parabolic momentum.

The dwindling community sentiment, lack of serious utility, and stagnant price action have all struck lethal blows to its technical strength.

Unless Ripple reengages its efforts to drive utility to the token, there’s a strong possibility that it will continue losing value against Bitcoin and other altcoins.

Analyst: The Token is Reaching a Pivoting Point against BTC

One analyst explained that although XRP is diving lower against its Bitcoin trading pair, there’s a strong chance that it will soon reverse this trend due to it reaching a pivotal point.

“Strong Ichi momentum… However, XRP just tapped a WP Level, right on a 1W Pivot, something certainly should not be ignored, next pivot in December, paying attention to this one on the small TFs.”

Image Courtesy of Mitoshi. Source: XRPBTC on TradingView.

The coming few days should provide investors with insights into where altcoins like XRP will trend while Bitcoin enters a bull market.

Featured image from Unsplash.
Charts from TradingView.

It’s the “Moment of Truth” for Chainlink as Price Taps Key Parabolic Trendline

Chainlink has flashed some immense signs of strength throughout the past few days, with the cryptocurrency rallying towards its $12.00 resistance…

Chainlink has flashed some immense signs of strength throughout the past few days, with the cryptocurrency rallying towards its $12.00 resistance as its price continues seeing immense upwards momentum.

This strength also comes as the aggregated altcoin market begins showing signs of strength, with buyers sending Ethereum’s price flying higher today as the DeFi sector also rebounds.

This strength might just be getting started, and if today’s rally marks the start of a trend reversal amongst altcoins, there’s a strong possibility that blue-chip altcoins like Chainlink will be the first to see major inflows of capital.

One analyst is noting that LINK’s recent bounce came about close on the heels of a visit to its parabolic trendline.

The potent reaction it has posted to this level is encouraging and indicates that further upside could be imminent.

Where it trends next will likely depend mostly on Ethereum and the rest of the cryptocurrency market. ETH’s key overhead resistance that bulls need to surmount sits at roughly $450.

A break above this level will likely send altcoins like LINK exploding higher.

Chainlink Rallies Following Recent Selloff; Shows Signs of Bottoming

At the time of writing, Chainlink is trading up just over 7% at its current price of $11.78. This is around the price at which it has been trading throughout the past day.

Earlier this week, the cryptocurrency dived to lows of $9.80. This buying pressure at this price was intense, and it was able to bounce here on multiple occasions.

This could ultimately mark a long-term bottom, as buyers have sparked a relatively strong reversal throughout the past couple of days.

Whether or not this reversal has long-term implications for the cryptocurrency’s price will depend largely on Ethereum and its reaction to the resistance it faces at $450.

LINK Rallies After Tapping Key Trendline 

Chainlink is trading up more against Bitcoin than it is against USD today, with BTC seeing a slight decline following yesterday’s $16,000 test.

Today’s rally against LINK’s BTC trading pair came about shortly after it tested a key parabolic trendline.

One analyst spoke about this in a recent tweet, noting that the rebound could indicate that “legendary continuation” is imminent.

“Moment of truth here for LINK. Legendary continuation continues or is the run over?”

Image Courtesy of Jonny Moe. Source: LINKBTC on TradingView.

Chainlink’s reaction to its $12.00 resistance, and Ethereum’s reaction to its $450 resistance, should provide investors with serious insights into where the aggregated market will trend next.

Featured image from Unsplash.
Charts from TradingView.